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Bitcoin Price Is Stagnant Despite Recent News: The Calm Before The Storm? (Market Watch)

cryptopotato.com 17 October 2020 10:00, UTC
Reading time: ~2 m

Following yesterday’s $350 price lost for Bitcoin, the asset has remained relatively calm around $11,350. Most larger-cap altcoins have also seized the free-falls with Ethereum trading near $370 and Ripple above $0.24.

Bitcoin Sits Tight Around $11,350

News broke out yesterday that police officers had taken away the founder of the popular cryptocurrency exchange OKEx. Although the company reassured users that funds are safe on the platform, the negative news had an immediate adverse effect on prices.

Bitcoin was trading north of $11,550. In just a few hourly candles, though, BTC plummeted to an intraday low of just above $11,200.

The bulls intercepted the steep price decline and drove the asset to about $11,350 in the following hours. Since then, Bitcoin has primarily stayed in a range between $11,280 and $11,400.

From a technical perspective, the first support line in case of another break down sits at $11,300. Further below are positioned $11,150, $11,000, and $10,800.

Should Bitcoin heads north, it would have to fight off the resistance lines at $11,500 and $11,800.

BTCUSD. Source: TradingView

Large-cap Altcoins Take A Breather

Most alternative coins followed Bitcoin’s rapid drop yesterday. Something similar is occurring today as the larger-cap altcoins have also stopped losing significant chunks of value.

Ethereum, Ripple, Polkadot, Binance Coin, and Litecoin sit at approximately the same level as yesterday. ETH trades at nearly $370, XRP – $0.241, DOT is close to $4, BNB is above $30, and LTC – $47.5

Chainlink (2.5%) and Cardano (2.2%) have even marked some gains on a 24-hour scale.

Cryptocurrency Market Overview. Source: quantifycrypto

Even the double-digit price increase club has a few representatives. Decred leads the way with a 19% surge. Waves (17%), Stellar (12.5%), and Uniswap (10%) follow.

However, it’s worth noting that quite a few coins have continued dumping in value. Filecoin has continued tanking after the recent hype with another 27% drop.

TRON’s Justin Sun actually suggested that Filecoin founders could have pulled an exit scam by selling 1.5 FIL for $200 (worth $300 million) without an announcement. FIL’s price has plummeted since then to $45.

Aave (-25%), NEAR Protocol (-18%), and Quant (-10%) have also declined significantly since yesterday.

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